The release is in line with the objective of addressing the policy and regulation issues with a view to gaining a robust fiscal policy instrument for the industry, as part of the 7 major focus of the roadmap.

The purpose of the policy is to provide a fiscal framework that will guide the planning and development of petroleum activities in an efficient manner and ultimately lead to the socioeconomic development of Nigeria. Federal Government is also interested in increasing revenue generated from this sector of the economy.

The policy covers all sectors of the petroleum industry – upstream, midstream and downstream, and includes all petroleum related products.